Riverstone/<strong>Carlyle</strong> Renewable and Alternative Energy Fund II, L.P. completed three investmentsin <strong>2010</strong>. <strong>The</strong> investments included Seajacks International, an owner and operator ofself-propelled jack-up vessels used to facilitate the installation and maintenance of offshorewind turbines in the North Sea, and Enviva, a biomass energy company that sustainablysources energy-rich wood residues and transforms them into renewable fuels.Infrastructure Products. <strong>Carlyle</strong> Infrastructure Partners, L.P. invests in public andprivate infrastructure projects and assets primarily in the United States and Canada. In<strong>2010</strong>, <strong>Carlyle</strong> acquired a majority stake in Illinois Central School Bus, the sixth-largestschool bus owner and operator in North America. In December <strong>2010</strong>, <strong>Carlyle</strong> enteredinto an agreement to acquire Park Water Company, an owner and operator of tworegulated water distribution utilities in California and one in Montana. <strong>The</strong> transactionis subject to regulatory approval.$43 billionAlpInvest’s total assets undermanagement as of 12/31/<strong>2010</strong>Fund-of-Funds SolutionsProviding Investors with New Options. In January 2011, <strong>Carlyle</strong> announced plans to acquireAlpInvest Partners, a private equity manager with more than $43 billion of assets undermanagement. <strong>The</strong> acquisition will add a leading fund-of-funds and secondary platform,significantly expanding our global asset management business and providing our investorswith a wider range of investment choices. This new investment platform will also enableour investors to construct unique portfolios through customized managed accounts.With offices in Amsterdam, Hong Kong, London and New York, AlpInvest invests globallyin a broad, diversified range of private equity. <strong>The</strong> company has dedicated teamsfocused on three separate investment operations:Fund Investments. Between 2000 and <strong>2010</strong>, AlpInvest made 389 fund investmentsmanaged by 226 different general partners. As of December 31, <strong>2010</strong>, the FundInvestments team had committed a total of €28.9 billion. <strong>The</strong> team pursues investmentsacross the full spectrum of the private equity market, building portfolios reflectingclients’ unique needs.Secondary Investments. This operation partners with private equity investors to provideinnovative liquidity and restructuring solutions. <strong>The</strong> Secondary Investments teamacquires or restructures portfolios of private equity assets ranging in size from €1 millionto more than €1 billion.Co-investments. <strong>The</strong> Co-investments team targets investments alongside leading privateequity sponsors in leveraged buyouts, growth capital and mezzanine transactionsthroughout Asia, Europe and North America. <strong>The</strong> team pursues investments in a widerange of businesses from small local niche players to large global companies.<strong>The</strong> new joint venture will ensure AlpInvest’s operational and investment independence.AlpInvest will retain complete discretion over all investment decisions, which will bemade by an investment committee consisting solely of AlpInvest investment professionals.AlpInvest will also maintain an information firewall with <strong>Carlyle</strong> to providesafeguards for general partner, fund or deal-specific information.40 <strong>The</strong> <strong>Carlyle</strong> group
section Three diversificationFund-of-Funds Solutions: innovating andexpanding to meet our investors’ needsAt <strong>Carlyle</strong>, we have always worked to innovate to meet investors’ evolving needs.With the anticipated acquisition of AlpInvest Partners, we expect to furtherexpand the scope of our global alternative asset management business and createnew opportunities for <strong>Carlyle</strong> investors who seek a leading fund-of-funds and secondaryplatform. Through customized managed accounts, AlpInvest constructsunique portfolios based on an investor’s specific needs. AlpInvest’s Amsterdamheadquarters is also expected to expand our presence in Europe.AlpInvest is one of the world’s largest investors in private equity, managingmore than $43 billion through a global private equity fund-of-funds programand related direct investment activity in addition to their secondary and mezzanineoperation.Partnering with sophisticated global investors is one more way <strong>Carlyle</strong> is providingthe range of products and services our investors seek.<strong>The</strong> <strong>Carlyle</strong> group 41
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